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Brett started a new construction business in August 2014. In connection with the new business, he purchased a new backhoe for $70,000 in September of 2014. The new business is struggling and expecting to show a loss for 2014. Brett is considering expensing the $70,000 cost of the backhoe under §179 on the 2014 tax return. Brett has been awarded a large project for 2015, and expects to show a substantial profit for the year ending 12/31/2015. Evaluate the appropriateness of Brett's plan. Explain your position.
The CEO asks, "How can actual operating income be roughly 12% of the static budget amount when there are so many favorable variances?"
The company prices its inventory at the lower of cost or market. If the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?
Because of chronic water shortage in Santa Fe, new athletic fields must use artificial turf or xeriscape landscaping. If the value of the water saved per month is $6,000, how much can a private developer afford to spend on artifical turf if he wa..
Based on the article, your review of the firm and anything else you want to bring in (e.g., comparisons with other firms); how did the firm do? How did this compare to previous periods and to expectations? If you had the money to invest, would thi..
Spectre Chemicals produces Zaloff in a two department process. Information on the two departments for March and April, 2011 are as follows
Explain three issues or problems which a company could face when trying to find out the actual cost of the good or service which is to be used in the cost of goods sold.
Using the account classification, estimate the increase in the following costs because of the decision to increase enrollment:
Rieger International is attempting to evaluate the feasibility of investing $ 95,000 in a piece of equipment that has a 5- year life. The firm has estimated the cash inflows associated with the proposal as shown in the table at the right. The firm..
Journalize the entry to record the declaration of the dividend, cpaitalizing an amount equal to market value. Journalize the entry to record the issuance of the stock certificates.
What are the differences and similarities in audits of financial statement compliance audits operational audits?
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000.
What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two engagements?
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